Class Distribution Order Sample Clauses
A Class Distribution Order is a provision that outlines how assets or proceeds are to be distributed among different classes of stakeholders, such as creditors or shareholders, typically in the context of insolvency or liquidation. This clause specifies the sequence and priority in which each class receives payment, ensuring that senior claims are satisfied before junior ones. By clearly establishing the order of distributions, the clause provides predictability and fairness, helping to prevent disputes and ensuring compliance with legal or contractual priorities.
Class Distribution Order. An order approving the Claims Administrator’s and, where applicable, the Settlement Administrator’s determinations concerning the acceptance and rejection of the claims submitted herein and approving any fees and expenses not previously applied for, including the fees and expenses of the Settlement Administrator and the Claims Administrator, and, if the Effective Date has occurred, directing payment of the Net Settlement Fund to or for the account of Authorized Claimants, as the case may be.
Class Distribution Order. (a) The Net Settlement Fund shall be distributed by the Claims Administrator to, or for the account of, Class Members, as the case may be, only after the Effective Date and after: (i) all claims have been processed, and all claimants whose claims have been rejected or disallowed, in whole or in part, have been notified and provided the opportunity to be heard concerning such rejection or disallowance; (ii) all objections with respect to all rejected or disallowed claims have been resolved by the Court, and all appeals therefrom have been resolved or the time therefor has expired; (iii) all matters with respect to the Fee and Expense Application have been resolved by the Court, all appeals therefrom have been resolved or the time therefor has expired; and (iv) all fees and costs of administration have been paid.
(b) Plaintiffs’ Co-Lead Class Counsel will apply to the Court for an order (the “Class Distribution Order”) approving the Claims Administrator’s administrative determinations concerning the acceptance and rejection of the claims submitted herein and approving any fees and expenses of the Claims Administrator not previously applied for, and directing payment, after the occurrence of the Effective Date, of the Net Settlement Fund to or for the account of Class Members, as the case may be.
(c) Checks issued to Class Members pursuant to paragraph 6.04 will remain valid for a period of ninety (90) days after issuance but will be cancelled as stale after such period. If there is any balance remaining in the Settlement Fund after six months from the date of distribution of the Settlement Fund (whether by reason of Tax refunds, uncashed checks or otherwise), such funds shall be re-distributed to eligible Class Members who have cashed their initial distributions and who would receive, based on their Recognized Claim, a pro rata share of at least $25.00 from such re-distribution, after payment of any unpaid costs or fees incurred in administering the Net Settlement Fund for such re-distribution. If, six (6) months after such redistribution, any funds remain in the Net Settlement Fund, then such balance shall be contributed to the United Way, with the funds earmarked for financial education classes.